The records just keep on coming for Apple (AAPL).

The tech giant’s stock hit an all-time high today, adding to its already lofty position as the world’s most valuable company in terms of market capitalization. And there’s word Apple just raised a cool $1.35 billion in a Swiss franc bond sale.

So what does it do for an encore?

Maybe take on another tech darling -- Tesla (TSLA).

A report in Business Insider is quoting an Apple employee as saying the company is involved in vehicle development and the project would “give Tesla a run for its money.”

So could Apple really have a “Tesla killer”?  Yahoo Finance Editor-in-Chief Aaron Task says let’s not get too excited here.

“Of course they have tremendous leverage, tremendous resources to do it,” he notes. “Google (GOOGL), too. They were going to be the killer of everything, including Yahoo (YHOO) Finance, but I haven’t seen that happen. There was a time when Microsoft (MSFT) was going to kill everybody. So, we should take it with a grain of salt.”

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Task adds these kinds of experimental efforts are part of the DNA of Apple and other big tech firms.

“Maybe they’re working on stuff and Google is working on stuff and Tesla is working on stuff,” he says. “This is what these guys do, as a side business to their core business.”

Yahoo Finance Senior Columnist Michael Santoli points out Apple’s stock didn’t reach such lofty heights because of those side businesses.

“It got to those highs on iPhone,” he says. “They made the phone, the phone is what matters. Yes, the other stuff is great, it gives this halo effect that they are geniuses in whatever they touch. But I don’t think it moves the needle on financials.”

And Santoli thinks if Apple executives are thinking about getting into the car business… maybe they better think again.

“If they made a car,” he says. “The market would not like it because iPhone margins are greater than even the greatest automobile margins.”

(Note: Tesla will release its fourth quarter financial report after the close of trading tomorrow.)

Also on Yahoo Finance: 

The Apple iCar?

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